2006 Code of Virginia § 13.1-911 - Decree for dissolution

13.1-911. Decree for dissolution.

A. If after a hearing the court determines that one or more grounds forjudicial dissolution described in 13.1-909 exists, it may enter a decreedirecting that the corporation shall be dissolved, and the clerk of the courtshall deliver a certified copy of the decree to the Commission, which shallenter an order of involuntary dissolution.

B. After the order of involuntary dissolution has been entered, the courtshall direct the winding up and liquidation of the corporation's business inaccordance with 13.1-906 and 13.1-907 and the notification of claimants inaccordance with 13.1-908. When all of the assets of the corporation havebeen distributed, the court shall so advise the Commission, which shall enteran order of termination of corporate existence.

(Code 1950, 13.1-262, 13.1-263; 1956, c. 428; 1985, c. 522.)